Clear Lake council holds public hearing on tax exemption for former Five Star Cooperative property repurposing
CLEAR LAKE — Clear Lake’s City Council last night held a public hearing on a property tax exemption request by a company planning to repurpose the former Five Star Cooperative property at 2809 Main Avenue into a dry goods warehouse and distribution center.
The council at their September 20th meeting entered into a letter of intent with RCP Investments LLC of Mason City that outlined incentives including an industrial property tax exemption, participation in regional storm sewer improvements, and professional service fees reimbursement.
Upon completion of the improvements, the warehouse will be occupied under the terms of a 10-year lease agreement with Greenlee Corrugated Solutions of Jesup. It’s anticipated that the company, which provides corrugated packaging for large-scale companies, will employ six to ten employees, with the potential for expansion into a multiple shift operation.
Matt Splittgerber, one of the two majority owners of RCP Investments, thanked the council and city for their support on the project. “We’re a local company who is interested in investing in our community. We’re very bullish on the prospect of northern Iowa and Clear Lake in particular. Every interaction we’ve had with any city official, every conversation, every email we’ve had has made us even more confident in the city’s desire for economic growth, and we appreciate that. We’re just here to thank the city, and we hope that RCP Investment can continue to do our little bit to help Clear Lake grow.”
Mayor Nelson Crabb says it’s good to see the property being repurposed. “We too feel this is a very good project for a building that has been sitting there for quite some time and is certainly being repurposed for a good use for the community and our area. We appreciate that very much.”
By law, the council cannot act on the matter until 30 days have elapsed following the hearing. The council will consider all three readings of an ordinance approving the tax exemption at its November 15th meeting in order for the city to file the ordinance with the County Assessor prior to December 1st.